FINANCIAL ATTEST AUDIT REPORT

ON THE ACCOUNTS OF

PUNJAB EDUCATION SECTOR REFORMS PROGRAM-Il

WORLD BANK CREDIT NO. 5106-PK

SCHOOL EDUCATION DEPARTMENT, GOVERNMENTOF THE PUNJAB

FOR THE FINANCIAL YEAR 2014-15

AUDITOR GENERAL OF PAKISTAN ISLAMABAD

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TABLE OF CONTENTS

Page Ni).

I L it f i) abbre iati ns

PrefacePART-I

4'rogram Overvicw

Audilor^s Report to the Management (Audil)r^s ()pini(n) 6Financial Slalernenus

PART-Il

C O VERING LETTER TO THE MANAGEMENT LETTER 9EXECUTIVE SUMMARYMANAGEMENT LETTER

. Introducion 122. Audiit Ohjectives [i Audit Scope and Methodolog,,y4. AUDIT FINDINGS AND RECOMMENDAT[ONS

4 1l FinaneLil Mallagemt11

42 Procurement and Contracit Manwenaent4.3 Overall Assessmcnt

5. CONCLUSION

ACKNOWLEDGEMENT 24Annexure

1~

Abbreviations and Acronyins

SDAC Speeil Departienila] Accounts CommiiteDDO Drawing and Disbursing OfficerDFID Departnt for Interatinal DevelopmemDLIs DisbursuNement Linked [ndicaiorsF A Executmg Agencv

r ~\[ Executive Cominitteke. f: h National Eocofmic Conil

Foreign CurrencyGoP Governent of the PunlahINTOSAl Imernational Organization f SfSuprem Audi! lnslitutI.nsIPSAS Inlernatiocnal Public seter Accounting Stamdards1C Local Currency

ML ManiagemenRt Letter

PCU Programmue Coordination UnitPESRP Punjab Education Setor Reforms ProgramPRA Punjab Revenue AulliorityPSDP Publie Sectior Developmen ProgrammeSDR Speial Drawing Rights

SOE Statem-eni of ExpenditurtJORs Terms of Reference

World Bank

PREFACE

Tlie Auditor General of Pakistan conducts audit, subleel to articles 6i and 170 of titConstitulijn ef thle Islamie Republie of Pakistan. 1973, read with Sectiois 7, 8 & 12 f thle AuditorGCeneraLs (Functions, Powers and Terms & Condirions of Service) Ordinance, 2001. This audit oFinanial Stateme-nts Of Ihe -Punjab Education Sector Reformus Programme-11~ linanced bGoverrnment of the Punjab and the World Bank for te [inaneial year 20l4-15 was carrie-d nuacc'.rdingly.

The Direetorate General Audit, Punjah Lahore anud Director General (District Audil South

iih a nducted audit of the Program during September. 21)15 for (Ie fi nancial year 2114-15 withj C w report significani findings to sakehoLders Audn exami ned the economN. efficiencN and

effectiveness aspects et [e Program. In addition. Ludit als assessed, on lest eheek basis, wberherthe mamgemem complied with applieable Laws, rules anld regutations in m anagiig te gram.The audit report inicates specifjc acions t hat, if aken, wil help ihe manaeen reale heobjectives of the Program. The repor ias been diseussed with the Program Managumem nSe pte mbe r. 2015.

The report consists et two parts Le. Part-I contains Auditør's Report (Audit Opinion) andFinancal Statemeints and Part-II consists of Executive Summarv. Management Leter and AuditFi nd i s.

The report has been prepared lar submkission to the WorI Bank in erms of nIa.Areeme nt.

(Dr. Miuhamniad jamuil Afaqiý

Date: Director General Audit. Punjab

PLace: I.atucre.

3

PROGRAM OVERVIEW

Name uf the Program./Prograime: Punjab Education Sector Reforms Progran-il

Sperisoring Autlhority: World Bank

Lxecutmg Authority: Program Management Implementation U.nit (PMIU,

PESRP-]J

Credii No. 5106-PK

PC-T Cost: 350)00 rmillion dollarsDate o Coimenceent: 15-06-21112

Actual Dalc of Commencelem: [ 5S-06- 2012

Date of Completion (as per PC-[): 31- 12-2015

Dale of Approval by ECNEC: 25-05-2012

Date of (losing of Loan Agreeneis: 31- 1'2-20 15

Loan Ujilizatien Slalus:

Ameuno uilized up-lo Amount utilizd during30.06.20 14 2014-15

Rs. 303-909 miltion 1 Rs. 163.787 million

Progressive Expenditure upto 30-06-2015:

SAiount utilized up-to30. 6.2 m15

r- - - --- - -t

Rs. 467 696 million

5

AJDITOR'S REPORT

Auditor's Report on PESRP Financial Statemenis

We have audited the iccompanying Financial StaITTmnts of Punjab EducatioŽn Se hrReforrnls Program that comprises of Statemient of Receips and Payments. Statement of Comparisonof Budget and Acual together with [be notes torming part thereol for the vear ended l[Ih jullc

Management Responsibility

fi is tlie responsibility of Program Manageient to establish and iaininn a SYstem of iternalcomrol. and prepare and presen[ Ihe Sutnement of Receipts and PaMIenTIs in confornity with terequirements of Cash Basis IPSAS, Financial Reporiing under the Cash Basis of Accountin

Auditor' Responsibility

The responsibilliv of the auditor is to express an opinion on tihe Financial Statunets basedoi Ilie audit conducted. We conduCIed our audit in accordanice with Iniernational Standards etSupreme Audit Institutions. Those standards require thal wc plan and peiform ffie audli to oha1nresj1nable assurance about whethe.r the Financial Statements are [ie of material misstatements.

SIJudIt process ineludes, examining on n lest basis, evidence Supporting Ile amounts anddisclosures in the Financial Statements. It also incudes assessing the accounting principles used andsignificant estimates made by management. as well as evaluating the uverall statement presenttion.We eli eve that mur audit provides a reasonable basis tor our opinion.

Opinion

in our opinin:

(a) The Financial Statements present fairky. in all material respecis. the cash receipts andpayrnents by the Program for the year ended 3 0 1 June, 2015 ini accordance with CashBasis IPSAS, Financial Reporting under the Cash Basis of Accounting Standards.

(b) The expenditure has been ineurred in accordunce with the requirements of legalagree ment.

i)r. Muhanmmad Jamil Afaqi)Director General Audit Purjab

Place: LahoreDate:

FINANCIAL STATEMENTS

FOR THE YEAR ENDED ON 30"'JUNE, 2015

7

Financial Statemenis

FINANCIC1AL REPORTNG l'NDER CANn BASIS OF ((1 iNI(_ i,

GOVERNNlEN|T E NTI E\

SlIemCnt o f Iecci pis ind Pay,EnrtsPIIIIjab1 Educaution Sector Reform P1rogiramme (PESRP)

For the year ended Juie 30, 21115

(Rupees ii 000)2014-15 2013-14

Receipts/ Receipts/ bDescription Notes (Payments) Payments by (Payments) Payments by

controlled by extemal third Total controlled by external third Total

entity parties entity parties

l-, A erionom, 43 144,927,167 144,927,167 135,322,385 135,322,385

c,rW. Ltctz U . 7,356,998 7,356,998 9,147,509 9,147.509

-1e -1.3 11,349,327 11,349,327 11,642,200 11,642,200

b-.y'L ,%T lll 39.871 39,871 - 134,565 134,565

RECEIPTS *o 163,633,492 39,871 163,673,363 156,112,094 134,565 156,246,659

- .- A , .rime ;iri 5.2 144,927,167 144,927,167 135,322,385 135,322,385

r Eb:,)G>1 5.1 7,356,998 7,356,998 9,147,509 9,147,509

5.1 11,463,440 11,463,440 11,689,043 11,689,043

k.,,. n'E., -r:z s.1 39,871 39,871 134,565 134,565

PAYMENTS 5.o 163,747,605 39,871 163,787,476 156,158,937 134,565 156,293,502

3.0 278,925 278,925 325,768 325,768

-~ ~ ~ ~ i - · 4"''~rl:é a[

Cashatendofyear o 164,812 164,812 278,925 278,925

1 ) F p*ý .FR,DEt ECTOR I N PROGRA3ME DIRE(IOR

ASSISIN I DIRECTOR (A1'DII

Punjab Education Sector Refrn, Proolunmne (PfSRp)Receipts & Payments Against Financing Sources ( onors & GoPb)

Slalement of Cash FlousFor 1lhe vear ended Juiie 30, 2015

Dona SourceDeriit'o\ote" Go P0bl

S(SS GBP £t. ' R R,W

Opening Blåncc 3 2,826.674 272325 278,925

UJPh ;loat<i 41I 4,3 144.927.167 144.927,167

IDA Crdi 41.3 111,563,412 11,349.327 11, 349,327

JDireii PymnLi b\ |[J\ 4.1,2 398,712 39,871 39,871

[)I I D (inIr 4.2 46,A00.000 7,356.998 7,356,993

Sou[ 114,793,798 46,400,000 19,025,121 144,927,167 163,952,288

PA N ll NI1 N 5

1 ro l GPh icaliin 5.2 144,927,167 144,927,167

pwI,-3. K..( 0 EC-438 18,820.438

Direct n ylDA 5.1 39S,712 39871 39,871

lotal 113,112,242 46,400,000 18,860,309 144,927,167 163,787,476

.\;rl.[Jl[ti tLLI1k Wl

GoPh

:I[rlni I S -LL>ljiedk l111 ( PII

inci ui rdI[creas e [cc rc in h

c xH1 11) 11_-Erä

(lusm Bfailancc 6 1,681,556 - 164,812 164,812

DEPI:TY DI1ECTOR FINANCE PROGRAM1 DIRCTOR

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Programnic iNlaii-.igen)ent & Implernentation UnitPunjah Education Sector Reform Programme (PESIM)

School Education Department

Governinent of ffic Puniali

Notes lo (lic Financial Stalements for (lic year ended June 30, 2015

PRO,

Projvet DescriptionBackground ol'PVSPAI

Dic Pkmjid, Goýcrnmcni hlvý enlered Imu A ne%N. PWICet .;\gleclllelil (11 1259ý8) ýNjffi Internaljonal

ASýýoclntlon(JDA)dätcd 25, 2012 0-ectii No. ý10(30 -11A illeotillectit-)[] with tilel:Iiiiiielil" 'kl-IrCCIIICTIIUI

i h e sai n e d at e. be INN. cc ii i h e ox e ni i ii e 111 o f l >11 k i st 1111 111 ld i h e l DA 10 1, t-I nj ile i 11L 1, 11 11-i iib Ed ii Lat l (}11 S celor Pro Icel - I l ( the

ProJCC t), C 1.)',1 ITIOU n tl ii g i c) I ý S S 4.40 7 m l l l l k) n i %) r a I le 1-i oj 1) l threc N. en l I i e ( l ox-c 1,11111 e i it o I Pa k l si n 11 111[,-, a] so

en ici-ed l ii i ti å i i-a lit A L, reci-ii en t tiated M d i-ýý h, 2 0 1 xý i t In t Ii e UK ( ;U ý, C f11 111 C 111 t ll 1'0 11 1 lic Depå ri i i i e i ii fo v I niei mil i en a

DcN c11,13111,- ni W FID ý I-ol- 1 gl-I-int of ý 150 million 10f break up aild ol on/off 1.(11111ýoT]Clll ol- D1 I

,,r,iilt please äcC notc 4 , 1) for a pericill o 1, s . , N, ejls Märeli 1, 20 13 io 1 une 3,020 19) lo stippoil PL SP- I i ý Ilie project

al 4 l] i L-, Ný l 11 W o r l d B an K. 111 e l li-o i ect s iii p 19o ris llijn',ib I:cliie,iiicýii Sectur lýefc-m-iii Progräni (PLSRPý till[]-iieel 111 -1001 anj

i liv I-lew pro 1 cc 1 0 f W o r] d B u i i k has i. Ny(, et i m pol ic n I l ) 1 rC 1, 11 KI ýCJ e 011113 15 Ile [11 0 l 11 (k) ti C [11 11 l e h \N 1.1 l J-

fi smi ic e l I'S R P- l l - am o k i n t i n , (o IJ S D 3 4 (1 m i l l i un (9 7 k b l tol a l e re J i t 1. 1.1 Cými Po n ci 1112 I-eý--fiiiieýii Assistancc ( I A)

e (bl 11 13011C 111- \N 11 i c I i NN-o ii l d 1-11111 ile e esse lit i a j ad v soc, , i cc I i i i te ii l å i te] e å pii e -11 y b ii i l d f jig ý ii pport 1-0 r 111 1 S R P- I I , avi o till l ti l 19

to USD l 0 nuffion ( of (ile [()t,-11 I lic Cic,lit plucceds Ilie 13CFI(.>lllclllly cllshlinýCCI 10]- ot 10

TIIKJIIJýIIIN, ýLLII'VCJ al-id V(JUJIK- \Nciglited Di-,litti-,ýýeiilu.iii Liliked ndlcýjlof,ý iDIAý,ý, flic Lvecill onk k

.J I i l i .Cd 11 Lit] l IS t 5 C I CC Wd b Lid ýIcl Ii cad s o i G t} P 1). 1 h e,., i: 11 lid get 11c,kl ý 11 aN, e lice 11 d cc l iirej I: I b l e f-, ý pc 11 LI i 111 re

ni e i I E 11,,) l )N 1.1 le J nilo i-s ( l 1 1. ýc e 11 t) w 4. 1 111 so). L. l l L? 11, l e l- x PC 11(1 l 111 rc Prog ra 171111 e ( l- I -11 s ) 1,0 1 11 l- S I >- l I

o ri) 19 11 sc S it l ii i re I iltcý l K: x pc 11J i ii k i i-e. S c l wo l k 111 e i j f., i n I i ý r l ý, 1) 1 l pc nd.ý - Pc rfk in ii a tice- Bliý ed l ncc ii i i ý cs,

1ýehool Monlikninu, 1"11Llblc liuth-m lines (WIIIA: ýiý decl4it-ed so [)N Donor, linj I A.

flie iiiýiiiýlLeillellt and ltill)lelllclltýitl()11 t0r Ilie Prolect iire done under ihe sij[ýci-ýlsli)ii School

Departillent nj- I>liiij,,ib GOXCfliMCI11 \ý111CII 1131, PP_UCCt NDIE$ýICTI]elll

loc"licel in l-ginore, mannued K Ilie Pro-ram Ilie lli-C)jectstecl.illilcotýITI]ittec, lie,icicd

planniny and 1)cýCloý)tllellk

1.2 Proj cc 1 0 Ilj cc t n es

I-lic Proleci's eleý;clcýpilleTil objcuiivcý ol- PI-SP-11 alc (Il 1ý011301-1 Ilie etjucýiijon hector relorm proljnim 1ý e

GO`NCIIIIIICIIT 01 PWIJJ11 NN-Uk millol Lw111ýý, til 111,rcuLýed C1111t1 Lýclwol u( multilple IcNel.) and stiljell?

liellieýeiiiellts, h iilsu mills Io 1111p1-0%e aucess Illd C11110 , imd (lic qipalllý and rclcý uncc (jf'udtjeýill()ii in Punjab.

Sope if th e Project

Scope ol PLSP-Il includes po'son of support tK School [ducaio DepartmeM and GoPIb by bridging [licimplriciention gap and delivery imiecliLmiiiIri. PESP-lI mcinbraces t]hC principles olincreased transparency, participationand coliboration as essential to a1complis1 iis mission ile spethglting tbC pZlrametCrs of LCCss, gilLI Und

1.4 Estimated Cost

Estinated Cosi of PESRP-il financing for the FY 2012-13 --- FY 2014-15_(3 .earsj

Partners Original Cost in VSD (inPai-Iners imillion)

IDA 3 0 (y

DFID m 0

CIDA I o. -3

Prpvincial Goi. financing 3337.7

* Total 4,40.0

* Cop of Project Appraisal Document (PA) is attaclied al Anneure-A 'or pcrusal.

16 Sources of Fiance

PESP-li s niided by World Bank DFID, UlDA 1id c lovi.t the PunjýIh. Detail of limding is show n in Para 1 .

1.6 Comporents of PISP -ilPESP-II by World Bank bas 1wo componeints ie. <i) a resilt based componein-- Componeint l- ELPs whici wouildliance PESR1-]], amounting to USD i4u milion (97 ic total ]redit) ligible xpenditure Proraiiirie [Ps)

cmprisingo t. Salary related eIpenditure, School Counil I(SC) Grants. Girts Stiperds. Perlrmancc-Based incent es.School Monitoring (CMMI:), llgible budget hnes of PlF as deClared so Ly Donors. (1) Component 2 - TechnicalAssistance component-which would [inance esserlKal advisor. technical1 and capacity building support tor PiSRP-II.alounlrtiLg t,- USD 10 million (-,` of the rotal credit.

2 Significant Accounling Policies

2.1 Basis of Presentation

r1hese tinaincial sTatemenits have been prepael on tbc cash basis oj acuing lic ccecnices rarnsaciorns andecvenis (m ly whei caisli is recei ved or paid by the enti[y.

2.2 Accounting Convention

[he syster-gcncrated accontig records are [lie basis lor prelaration uf these financial statenc s which are inconilority wsilh International Public Sector Accointin, Standards (IPSAS) iSLued by tlC PublIc Sector Committee ofthe Intevnat Iinal Federation of Accountanrts. AccoInting rceords are marinta i ned usi g the govcrnmeNt-wide integrated

%snancial management irborratio i sysiem il FRA) and i acco rdance with tre governiriienial accoun ting proced uresand poi licies de tied li the New Accouni ing Model. i ssLed by tb te ud i or General of Pakistan and are in con fKrrmitywithl internaiunal good praCtices. These policies are conisistenil applied at the provincial as wvell as distriot leves.

'3 Foreign Currency TransaetionsProceeds from tie Donors in oreigi crjeIcY are translated inte equaaleno Pakiaa Rupees b\ the State Bank ofPakistan al te rates pre\ aiing on lt date l transaCtiin t t te Coniisolidaed Acc iunt No I (Nmn Food) of theC PuijabGovernmeiit. No foreign eurrerlle trals 1stion takes place in PNl 1n) or 1v g anizatioi under `I-VD. (conversionrates fron toreign currency to PKR in lhese Ii[allela] satemnenis have been applied as Comut nicated by SB> at tetime oftransfer of funds to Pro,,incial Constlidated tunid (Accouint- .l both d0r receipt and paiment purposes

2.4 Fixed Assels

Fred Asse'.s t PIii are dislosed or I 1Iistorical ( est Iask Seliedule of Fied Assets has been Liken at Annexure-13,

2.5 Provisiouns

Duc ro cash basis of accoting, no pro 1 ion is recogiized in tmmeial staents.i 1 lowes er, if there were ai1\ evertwvhIch may have legal or ot er obligatiion s ith Ceotintent lIixtine Al l inpliicai ihen it iwould have been ideiIfi ed bÅseparate dislosure in lie noles to the tinanil ..ctem1ents.

211 Offsetting

Neither asset-Iiabilities nor Cind I lo and e\penditure lave beun sel -l tin ie linancial st1teenieit

2.7 Recognition of Receipts

Reecipts are recogni zed when the required lmounts are credilted te the IPumab (vernment Consulidated Accouni No1 (Non Food) tlid ssth the State B:k of Pakistan.

2.8 Recognition of EXpenditureExpeindirLJIe is recognized on tIe date ie paimeit is made or ch elqie is issVedi Financi year to wi-chC paWm ae1lperail is delerminied by the date on which a cieque or paym nent adv ce is issued

2,9 Cash and (ash Equivalenus

For the purpose t cash hlow statement, cash and cash equivalents comrirlse cash in the PunjIb GovernmentConsulidated Account No. l (Non-Food) iaintained with The State Bank of Pakistan related to IDA Credi for EEPsand [r TA in the Special DrawinL Account with Gooveriiment Treasury (Freasury O-ee Lalhret

2.11) Pr-ject 1Impleimentationi and Closing Period

t [DA (cedil - Startil JLIK 1, 20l|2 and NAIl end on Deeil.rr 31 20 ý15 with a rce peried ol tliree mit1bli J D ) lint - March I, 2013 and ending o Juie 3i, 21l9, with a grace period ofix i oiths

3 Opening Balance

Opening balance Comprises":

Description 2014-15 2013-14

ISSkRs. (in 000) jSS Is. (in 000)Cash at Bank 2.26.674 ?75.9, 3,303.23 3.768GoPb Share

Totl 2,826.674 278,9251 3,303,203 325,768Closing [alance of tlie last ear is slow n as thie Oipeniing Balance ef this ear.

4 Receipts

Receipis fron Donors

Details o4 donor receipts K3r the i ancial Yenr 20|4-1 5 is enelosed . Anntexurt-C.

4.1 IDA Credit:

Ile IDA inder the 11inamein1g Areemei dated Max 25, 20 l2 bea i ti ~ red ii No. 51 Of- K ektelded the crediT it anaiokiutt et]uivalenl tuo SDlR 225 millon ([ 35 i) to Ass e Pin ab Govriiiieiii i aicinig the Project.

Vie Uredit proceeds are periodicalv disb3ursed for: (i) Elicible Expendture Programme (LLPs comprising of: Salaryrelated ex peiditure. School Concil (SC) Granlts. (iirs Stipends, Perlrmance-Bsed Iicetivs. School Meo orl igible budget lines of Pil 1- Vs dec lared so by Donors and (ii* TA - Goods. Consuamis sersices, and iinn u und

Workshps. ufiom the IDA Credit accotint to the Gnernent f 1Puinjab Consolidated Accour No. 1 (Ntion.Fod)Ilirough Sitae Bank o ,Pakislait based on Wj_itIdi.aJ Appication subiltitied bN GoPh.

eioevei. I A iomnpoenft titifds recei\ed io Coiiv']idaled fund Accounti are released into a Speci al Dringiu1c AcOint(SDA) by G-oPh. The finds imained in `,DA are part ol Ilie governient' FresLrry Sigle AcouIJn i. operated bNthe PMl1s desianai ed persons ( Proeram L)irector and De 1 i recir iinac e 's Ie l SDAt ensures uï l nahi lit ie arniarked tuids to PMI o dr critical TA ltis iles tt Ct timely basis.

The quatiia of resources iraniisfered to tle ProiiNcial C onolidated [und at chi tjsdirsemeit e ele are linked, tosuecesdim l chie,eeni ol )isbuirserment Unlik [idctors (D il here, however. are iwo tmportan cond i lns (i)

disbirseimiemt is done on reinitursemeil hasis exuep Ior one tinre 545 million udvance at Ilie effectiveness of theagreememti. (ii) %early allkcated aioitt inreases i. S i10 alnd li tion respeciely for EEPs andt DLallocailonl icereases accordingl ach year. Fuids for IA are- htosex er. disbursed on advance basis by tc World Bank

aaist forecasted ariount bH PMU SED Ilie D1.1Is are monetized equall, based on the planned dibisement for aparticular e ele to incentivize Ilie Punjah Gnvelmnent to Iocis in i[le prirty implementatiin ofactions that, tocether.support the ProjeC outComes.

D)isbtirsemienit L in.ked lndicators för PISI- I are: DI I-1-Field based pirn.tflessionalL development: si.rentgtlcnin hg i-eld-based ieathing adx isory suppor t för iimproved Iaclher perforntarice: DL[-2- leaclher recrititient: Imii piring 1¯cacherQualIt ai entr: DLI-3- teacher rationali\tion: Fixin l teaching posts at the school lexel based on school ieeds indreallocatii teaclers itnline with ationaliM.ed posts: DLI-4-Se nol nen alary iudfet: ¾eiing and executing schoolbudget intine with school resourcing needs: DI-5Decentralized retrce managemnt: Decenimli/ini resotrce

managenmell powsers to schtools: DI-I-6-Teacher perlerance incenix e: incetiving leacher and studeFt performanceb% sirengitheiiing Ilie link bet st een mronetary rewa rds and stuldeit tclhieeiient: DL-7-School councils: ,irnciheninittlie Jlapaclit\ of and cmpowerin commlitte es to support monjlor anid promote school performance: DI-8-Proisioand use of system and schooel pertorimance information: Reglar' eeding relevant aIId reliable information to varioIs

leeC to improe ex edetce-based school performne liancgemetit t)I-9-Private school vouchets: Sirentieiiin_prograui design ond expandii cOverage el uinitt replacemnen1 xoueher to elildrell from disadstanlaued urbanIouseholds bv ilnereasing selool chtoice to Il ude priate schools ider a lit>- assumnce ss stemi: DL--0-Siipendfor secotdarx school is: increasing incetniives, eficicyx und delier perforniiice ler promoting the Irumisitinli toamnd retention of girls al Ihe secoidary lex el.

4.1.1 For Eligible Expenditure Program IIS$S in ollosFunds received under IDA Credit No. 51060-IPAK FY 2012-13WithdrgIal ciedied by SBP on iune 26. 201 2 45.0 0 o 4. 24.14Balance as of June 30, 2012 on of'E EPs 5 400,000 4,243,5 14Withdraaål credited by SBP on Jne 27. 21 3 24,479.987 20,01l). Otal fun received for the FY 20l2/2013 69,479,987 6,663.524Funds received under IDA Credil No. 51060-PAK FY 2013-14Withdrawal eredited by SBP on December i3.U-113 17.840.4 1.93.368Witlhdraw al cred ited b% SBP11 on J Ljn 1 20 13 98.01 L83 -,651.5TOtal fundis receied for the FY 2013/2014 115,851,888 11,576,220

Funds received under IDA Credit No. 51060-during the current periodWithdrawal credited b SBP' on Jine 27, 2015 II 1,296,56 Ij L.21374Total funds received for the FY 2014/2015 Il 1 .296.560 1,321 .743

4.1.2 For Technical Assistanceider cmtiponem II of PES1P-II n amo11 1f US 1 iillion has been allocated or Teelhnical AsianLne (TA1 t i he

admlSIisTred bs lPMIIU. I.'A component is exected throtuh a special drawigaont (SDA). and Ilunids alloemaion idone bs GiPunjab as part ff regular budge of PMIL. Detal 1f i1iding roi IDA n TA comriei for ile perid isas IMlows:

Funds receied for lie FY 2012/2013 ts 5 ks in 000sWUildrawal credited by SB> on Juine 26. 01)12 500,000 47.1 5Batance as of June 30, 2012on account ofTA 50qü1i00 47.150Wcdrawa[ credited bs SBP on Jine 27. 203 3,579,399 353,i>07IDA Funds received during FY 2012/2013 4,079,399 401,157Direel pas mem maed by World Bank or Mare l5. 2013 24ql )5 34,919Direct p: iment mide b\ World 1ank on March 0-2 2' 1 49195 2Direci pas'urent made by World Bank on N larh 1 07, 2013 240, > 2,Total Direci Payvments made by World Bank fron TA 747.585 74,75gTotal funds received for the FY 2012/2013 4.826,984 474.915

Funds received for ilie FY 2013/2014Wtidrqal credited bv SBP on June 20, 2014 671,199 6980

IDA Funds received during FY 2013/2014 671.199 65,980

Direi pas men iiade by World Bank en Jan 13, 2014 448.551 .4 l55Direct pam minade b Work Bank ein an 13. 2014 448.551 44 355Direet pa>ent made bk World Bank on March 04. 2014 448 1 44.855Total Di)rect Pay menis made b World Bank from T A F N2013-14 J345.653 i34.565Total funds received for the FY 2013/2014 2.016,852 200,545

Funds received for the FY 2014/2015Wiidrawal credited Ly SBl> on 23 Fe 2J15 ll01 11.584

IDA Funds received during FY 2014/2015 271,852 27,584

Direct paymiient iide bv World Bank on 20 April l; 3-7,871Total Direct Paynenis made by World Bank from TA fY 2014-15 398.713 39.871Total funds received for the FY 2014/2015 670,564 67,455

4.1.3 Foial funds fron 11)A ftr FY 2014-l5 Us5 Rs in 000sE[Ps flnds receiNed for tie FY 2014-201 I11.l,2.560 I l.321743lA Iunds received durinL FY 2014.2015 271452 27.534

l11,568,412 11,349,327

4.2 D(.DGrant:

DllD joined (joernient of Punjab and World Bank for implementaition of Punjab Education Secior ReformProgramme in PESP-l (2009-12) with a gæant of £80 mi]lion ont of which 177 were marked for 1PES-! wilh WB iiil ine wvith DL Is and El EPs whercas £3 millon were kept by DID itsel fas T A.

Now Dill) has come to Piuinjab with its biggest proyram in the world wK iti a grant of l"£-.3 miljon fdr PESP-Il for Siears (March 1, 2013 to j Le 30, 210 19 imporartu higlights of ilie DII1) Progranme is the Lind lo meehanism. It

las been agreed betweei GolPb and DFID that D11) will disburse aboult 50l fuinds to (IoPh as or-budget supportwhiereas rest swIll be spent by DFID jiself. SHS, PEF and PEEF allocations will be spent througŽh iGoverimenlt tunidingehannels and wll be tmnsterred to GoPb, Provineul (oisolidated Fund Accoul-l) hrogh 5P131 and renauning lundswill be (utilized by DFII). Durinm- Jan io Junie, 2013. ftiet the effectikeness f the agreem1em. tund äl1ounting to t 25million have been received fronil DF,I). Delail of the programllue Vitlh maj,11or sub components and expecteddisburseIemt >chedule is as flowi n:

D11D has allocated £100 million for Sector Budgei Support (SBS) to GioPb which will be spent on aetivilies inalignmenm with DL-s of World Bank PI-SP-[l. DF1) tas a[located 68.6 million Aid to support PEF io makeprogramme locus more on lo,w performan,e disirici i sou ith Kuinlab. DFID hls iwroduced a Credit GuarantecSehene (CGs at a cosi of £9 n il1Ion u in1ac11ate hw cost pnle schols;educaion eii[repreneu rs in getting bankloans without iortgage. With £104 million DI 1) is Launching an ambitious infrastructure program in cdLicat]Oinseclor in 1unjab to eliminate missinu hieilities in schools. D1I) allncated £10.8 tillion th1rohell civil societ)programmrlie DI ID \vill be locUsing to enrol more ihan 54.100 e1hidien of margina lized segnient of sie ety. An

amI uunt of £1 8.2 million has also been allocated tIrourigh PfIF an d LU[MS to provide seholarship to taleted studentfrom poor and disadvantaged background. Dill) suil retain £39.7 million 1o be utilized as technical assistancethrouglioul ilie program mainly to line two consiltany flirms lor infrastrueture deelopimiemii program and Ilaiagemeiitslppori comnponenl.

Funds received under DFID Grant FY 2012-13 £ ts in 000sAnmoLIt credited by SBP on J ulh 3- 2012 1500.000 221.156Amout crediled by SBP on September 12012 5,000.001 74416Aiount credited by D ID on December 26. 2012 7.000,00 10 9,054

Total DFilD Grants received during FY 2012/2013 for PESP-l 13,500,000 2,080,526Funds received under DFID Grant

Amount (redited by the SBP on March . 2013 (SB3S gompone) 2C00Q000 2.69.262Arnount ii Credied by the SB [1P on March , 20 13 (1 PEE Componen 5,000.000 742, ) 6

Total DFi) Grants received during FY 2012/20 13 for PIISP-Il 25,000,001 3,711,578

Funds received under DFID Grant FY 2013-14

An3mu1 eredited by SBP on July 30, 2013 (PEF) 100.000 23137Aiouint credited by SP31 tiin December 12, 20l]3 (PEFI 5,000,00 883.216Amout credited by SBL> on December 13. 2013 (SHS8 45.300.000 8,032.356

5 1,800,000 9,147,509

Funds received under D.FID Grant FY 2014-15

Amon credited by SBF1 on December 17. 2014 (Pl-) 12,00000 1,897.380

Aimount credited by Sbl> on December 2 2(1 (S18 32,l00.0U0 5.076.5213

Amounlt credited by SBP on October 03, 20 M [F) 2.3<0,0 1 3(P 15

46,400,000 7.356,998

4.3 GoPh Rvecipis: see Para 5,2 of Punju b Govt. tinancing

I-

5 Pa nments

Donors hw\ve identilied pavient:expenditure under certain budget heads as lIligible Expeiiditure Prograime (EEPs)and hame declared that expjenditure under IEPs is eligible to receive funds from Ihem. These uiids are disbursed on

reimbursemeint basis except for TA [unds which are disbirsed on1 advance basis. TA funds are, there f[re. mentioned asclosing bakilice at the end of the period. Fliible ExpeIditure Programme (LEPs) comprisin cf: Salar relatedexpenditure. School Co,1uoncil (SC) Grants. Gis Sti pends Pur[ormancelsed Incentyes, Schoul Moitoing. [iit

budget lines .f PEF as declared so by Donorrs

5.1 Payrment from Donors Financing

Sub-Comoniltent 2014-15 2014-15 2014-15Prograime Activities USD GBP PKR in '000'

IDA- EPs I 1.2%6560 l 1.321,743IDA- TA* 1.4i6.970 141,97DF1D __ 46,400,000 7,356,998

CIDA

DIRECT PAYMENT BY WORLD BANK* 398.712 wY71Tota 1 l l 3,112,242 46.400000 18,860,309

(Pi. see note 5.2.7 of l A far detiled expenditure under 1 A cemponent)* 1, see note .2.7)

5.2 Payinlents fron GoPh FundsPunjab Goverrnient Financing for Eligible Expenditure Program Rs in 000s Rs in 000N(EELPs)

2014-15 2013-14Salary related cepiises (Note 5.2.1 ) 15116 1 70 146.486930Gramt to unjab Educatio IOunaLidion (Nuie 52) ,911.201 7 ·83. 182GIr Stipend (Note 5S2.3) 59,811 1.86.23Grant to School CounciIs (Note 5.2.41 i55,620 870.360

l acher Incentive under HIlgh I mprovers Prograinie (NowI 525) 21.1 03 45,293Monitorin System - C hlief Miinster Monitorin Force (No.e 5.2 261.512 25 3I- 43

Gov. financing for EEPs Total 163,7703720 156.325,039Apa ment through SDA (Noe 52.7) 141,697 1 12,823

Direct payment by W[1(Note 5.2.7) 39.87 1 13565TOTAL 163,95!,288 l526,5 7227

Less: Funds provided by Developnent Partners under:

Openiing hal. US 2.8 m as at July 1, 2013( 201 4:3 m) 278.c25 325.768

IDA: FY 2014'2015: US $ I 1.30 in and total T A receipt of US SO 67 I 1,389,198 l 1.77,765million (2014:JS S 117.87 m)

l 1.668,123 12.1 2,33DFID Grantf£46-4 million received in FY 20 14 20 5(20 14: fS 1.8 n) 7.356.998 .147.509CIDA Grant:l unds received from Development Partners 19,025.121 2 1.250.042Expenditure of Government of Punjab own financial resources 144,927,16 _ 3 5,322,385

5.2J Salary reluted ExpendilureSalar related Ex\penduiire is te biggest expeiduriue under lL Ps as ii i a ellgble to consume majr par! of the lrundingb 1 te donors. It bas been agreed that 70W, eredit proceed will be allocaelato reated e.\penditure and theremining 30% ol fundin will be disbursed Kr olher acivities of .lPs. Salarn relared expeiCLIure include.s .91-Prirar Education and 092- Secondary Educatioi uIi ricial and District salaries under School LducatioiDepar-timenit. [he o1 erigial budget allocated in the FY 201I budget r Saar re]ated ependiture [fo primar anidsecondary educatin was Rupecs I 7065 billion. 1lowever, onI Rs.1511) billion could be utlized ai: nsi Retsedbudget ofRs. 166.83 billion. \nn e )

5.2.2 GIrani to Punjab Educaitior F'oundationPI was established in 1991 and restructured in 2004 as an atltoinom1utits Not For Profil etilyl to provide technical and1inancial assistance for the establishiment, expansiont. improvemenlt and mnanagemileit of loNk Cosi educationlil

stiuoonIs. ceeltives to students and leachers and pronioi of qua]ity educaion in tc Pro ince through Public-PriNate parittership. Grants are released to the Punjab EdLicuatIon I und in qiarterly åistallments io the PersonalLxdger Accoun it miaintainled with the Goverriuinnt I rcasury, operated b the Managing Directur f lite l¯oudati.rDevelopmemt Partners have dentiled ceiiin expetid ture lines iii PEV budget thal have been de-ign:aed is [Lroe1IV.penlditLre Programnie (ELEPs) of PEF For tiese li Ps beads. PEl allocated i amoint of Rs 8 99 hililot. rul ottotal budget, expenditure amourntilg to Rs.91 hillin w as inCrred durin I- Y 2014-l I

5.13 Girls StipendsUnder Punjab Lducation Seetor Relorn Programme. Govenment (i PunJab is im plening r n aclivts that o1 etscash stipends to girls of grades (6-JO0 of government schools in seleeted distriets with the objectives of improviNlenrollmeont, increasing reLention, reducitng gender dispartes and cieein femule prestige. Currently., the prograin iIdistribUtin s!ipeJdls aruLnJd Rs10 billion to 380000 girls enolled ii grades 6- 10 in i ernien schools in 16 dil ,puinjab. hbe bene lciary girls are paid at a fiat tate of oRs. 2400 per- ear, in tour equal quirterk pInients suLbIect to

* Ilie condilion of 80% alendance rale during i te period. Thle stipend program i belrig adi ni stered ihrougI districteducat ion id ii iist rat ions and del ivered r hrough goverintm posta sn ice system. 1 e original budget allocated indie FY 2013:2014 hudget for Giris Stipends nvas Rupees 1.5 billion and retlected under Grant No PC21015(015 -fl t2-Admintistrat ion-Q 4481 ilead A03977. Huos eser, ei Rs.0. 85 billhon could be utilized ainst Revised

Budget of Rls L 6 billion.

5.2.4 Grants to School CouncilsSchool Couniels have been frulated for strenietieing tie capacit\ ut and km wering cotn i es to supportiotnitor, and promote school perforianec. Linder }utjab lidecation Sector Retormr1 Preograthere iliere almost 49thousand school councils morknz ii primary, model primir> & niiddle schols ol 36 districis of Puijab. Thesesekols are ettin annual grants of 20,000 lor pritilarn. 40.000 for mode priniar & 5(,000 or middic schtools. Ileorivimn-l budet allocated in the FY261 4.201 I for this actis ity was Rupees 700 million and reflectei under Grant No.lI 92 I02Adminttration 10 4481 HeaJ A03975. A total e\pendittrie of Rs 555.62 millioni was incurred in FY20142015.

5 2 Performance Båsed Incentives'lie pilot Improvers' School Bonus Programne sas lnittated by PMIVS[ED] in N:Y20101 l as a tire searprograTIme in three districts uider thle Punah Education Seelor Project (PIESP. 1 ts purpose was to award incenti ves tolow-performinig schools in poorly-performing distriet. with tb :im io inureasiig eirolmen t in sebIrs and improvinostudent learnn I3 OUtcom1es. At lie conclusi of the tlrec ear term in1 20 1 3, tie pilot was extended for a luriher year.Also in 20 13, it was decided to re-design the programuime i the ligit cI lessons leurnI in elie fist three yeas, Lnd topilot the re-desigoned programnime in irece new districts. Ihe origina budget allocated under ead A>] 295- Teacherlincentie under hlgh mprosers Proraimme in nc [ros iticial Ildgel for FY 213 2014 "as Rupece 1 50t00i nillionand reflecred inder Grant No. PC2 10 15(015>)2102 Adminiiistrarive-lQ 4481. l otal amunt of 6l,00 ) imfllioi csreleased out ofswhieh only Rs 21.103 millionl was utiled as leliecied in the BER ofJtIne 2015

5.2 Chief Miniser Mionitoring Force (CMMF)

GoPinjab plans te address shortflis tn outcomes mainly by sirienhiniig go:ernance and accoutabilt. T}ie quietcorrupi ion froi Ilie underleformIance of service dclIvery agelits is a major conceri. 1 lh most 'ort nanifestation ofUnderpcriimancc is absence from work ducation niiagiters al VariuiWs levO mav not carr\ out their dmiinisrative

,moitoriig. and support responsi biities and roles as expected. se GoPunj ab plans to delcit and address these risk~flrough the (1 momtrioring of school stall peLrfiriLC by comultlhinitics tliriOuCh school counci. 2> regualar uillctiori

of credic infot0rmation on teacher absenice and teaclier oi-task hrough CMiFl school inspe1t1ens and feeding theíilormation back to internal and external stakeholders and decisionl makers al multiple level . spenditure amoununI

to Rs.26l.51 million was ncurred durim FY 2014.2015 under Grant No. PC2101 N01 )2102Adinistratise-LQ-4493.

5.2.7 Technical Assistance

]DA credit proceceds are periodically to disbursed on idvance basis auainst lCrecast by PMIU SED. Ilie funds aretransterred to GoPI: Accon-I by S1lP accordinil. Whercas flunds tr all direct payments are placed with the WorldBank tt make pay ment ou behalf of GoPb. LA componeni is executed ltrougli a Special Drving Acoue (SDA)and lunds allocation is done by GoPutnab aS rart o reg lab Lidget of PMI U.DA Cred i1 proceeds ha heen u]i izedler the 11l. lo aci ities on account af Techi ca] Assisotace as pros ide d bs Go Puijab ti rough Si IA to PM IC

RIs in 000s

2015iCremem tal lA saVlit. 1_ g62

Capacity Building 22g35ixpenditure Tmackig TPVs .

Total lA expendrture from SDA 141,697;\ expunditure bv World Bank (THird pimty payment USD 398712 ),9.871

Total FA expenditure 181,568

Conversion ratel PKR 141 .o97.0OD -- LISD 1,4 [i,07o t 1 SI) PKR 100

TA componeni Lompiises of thrce heads i.c. (i) [inreiental lA stIlTiig- ineludes indi iv idual contsu ltantsremonermtieonii) Capacity Building- incIludes Irining workishops, Iri n of coisuhtanc, tiris Ir exe tion of difliculassIeiienits. 11 aLso inludes M/S Cambridge Elducation CL), ani iimeriaitio.nal consiLtant. engaed to provide sectoralsuppurt to S ED PM I U. The price of agreement , ith Cambridge Ed ucLltil ( CE1) has tvo ports i.e R. 1 25298422and USD 4.983.897 (direct paymen portion). For payment of Freign currenieV portion of agreement writh M.SCamibri1ge Eduion (CLd. internatioial censulting rmi of PM l. World 3ank makes direct pLyments (third patpaiyme) tu 0- on request of PMI and GjoPh. This sear. 01 suLbmi ssion of satisfactr pregress on agreeddeliserabmles tone paNment anionting to S [DoIllr 398,712 i.e. KR 3987 million (as per detiiled above in Para l1wseC made to Cambridce Ediucation by World 13ank em aI cc of PM I U. ls Lilm)ut has been booked under objecthieid Capacity Building (A03982). (iii) Expenditure tracking TPV- includes expenditure incurred on hiring of trmi orcoIvsuIiat i review, vaidate or impalc evaluations cenducted b1 thlird parties cUIIracted b GoPluniJab.

The origin1 budget allocated in Ilie FY 20 14/20>J 5 bodget for TA was Rupees 505 million. lowes er. only Rs. 14 1.70million could be tiilized iaLinst Revised Budget of Rs. 490 million. l A expenditure RS. I81.57 million inclidesDirect pyr ment amiountiig to Rs.39.87 milliun.

Detuil of funding from 1 DA in TA conponent and its disbursenenti is as follns:

Funds received under IDA Credit No. 51060-PAN FY 2012-13 UISS lks in 000sIDA Funds recuied during FY 2012 2013 4.86 084 474,915TA expenditure 776,196 74,389Dtrect pa met made bs World L3ank on March 05. 20 13 249,145 2_1919L) irect pa iment iade by World Bank ou March 07, 20 13 249.195 24,919Direct payient made by World [kmnk on March 07. 2013 249.195 24.920Total Direcd Payments made i WB froni TA 747,585 74,758Less toial expenditure 1523,781 149,147Balance as of3 une 30, 2013 on account of TA 3303.203 325,768

Funds received under IDA Credit No. 51060-PAK FY 2013-14Open ing 13alance as of J uile 30, 20 13 3,303..203 325..768IDA FLunds received during FY 2013!20I4 2,[6, 82 200545

5,320,055 526.313Diret pa men made by World Bank on Jan 13, 2014 418.551 44,855Direc1 paymem made bv World Bank on Jan 13. 2014 448.551 44, M5Di rect pa nem made b, World Bank on March 04, 20 4 44851 44.855Total Direct Payments made by W It froni T A 1,345,653 134,565Total expenditure 1,147,728 1 12,823Balance as of June 30. 2014 on account of T A 2,826,674 278,925

Funds received under IDA Credii No. 51060-PAK FY 2014- 15Otpening Baulcie as ofJune 3U, 2014 2,826,674 278,925IDA Funds reccived durinL FY 2014,2015 (Nole 4.12) 670,564 67,455

3,497,238 346,380Direci paym1e1nt made b World Bank oi April 20, 201- 398,712 39,871Total TA expenditure 1,416,970 141,697Ba lance as ofJ une 31, 2115 on accouni ofTA 1,681,556 164,812

o Closing Balance

Closing balance colprises:)escription 2013-14 21114-15

kS Rs. (in 00M) 11s1 Rks. lin 000)Cash at Bank 2.820.64 278025 1.681.556 1 64812

Cash at Bank (GoPb Share)

Total 2.826,674 278.925 1,681,556 164.812

7 Reconiliatiiin of Guii Accounis

As per PIERA generated budgel execution repori (BER) of sub function 091-Pre and Primarv Ediution and (192,Secondary Eiducation fr 1inancial year 2(14-15 (authenrtieed cops attached il ainexure-D). GoJ t. ol the Puniihälliocated 'an aml1ou111 of RS.183,984 million fhr EEHps and IA of PESP-1 1 for l'Y 201,1- A toial anoum olRs163,952 million was s against the ret eed budget of Rs.178.72 milior and Rs.14.76 nillon were lapsedduring FY 204-15

8 Nnagement Assertion

This is eer[ wc] tie I tLild had he becu liizi7ed for intended pkurpose acs deined ii ProJcI Agrecement a,s well asFinncing Agreement of the Punjab Educatnin Sctor Projec-il PESP--II) bearing Credit No. 51060-PAK for thehinancial y ear 20 [4-15. (A nie-F)

9> Aulhorization

Ihese Ii nancial statements w ere authoriied (or issuance b mlanlagileti(elt the Piuab Education Sectr I¢errmsPruurunmme.

DEL DIRECTOFR VINANCE 1 PROGRANIIE DIRE liOl

.ASSISTAN 1 DiR1Ek 1CT (A0 Dit)